Was Morrison Bridge contractor caught in ‘experiment gone wrong?’

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Ian Sane via Wikimedia Commons
The work on the Morrison Bridge — which aims to rectify problems stemming from construction performed just two years ago — could cause lane closures for several months.

A Washington construction company that’s catching heat for the Morrison Bridge’s continued issues believes it’s been vindicated by new plans to replace certain bridge materials.
The Oregonian reported Wednesday that Ridgefield-based Conway Construction pointed to Multnomah County’s $7.3 million plan to fix the bridge’s lift span deck indicates that the fault lies in the materials, as opposed to the work of Conway and other contractors.
Owner David Conway told the paper “his company was merely caught in a county ‘experiment gone wrong’ with a new material that wasn’t suited for the Morrison Bridge.”
It’s a compelling story for several reasons. Conway is one of a handful of companies embroiled in lawsuits over the work.
And, for commuters, the coming work will definitely affect traffic flows. Lanes on the bridge will be closed for several months as the problems are fixed.

Pomo Development ready to start 26-home The Woods at Bradley Street

Jeff Paul is unearthing a plan to build a street on Mount Washington last considered in the 1940s for 26 homes called The Woods at Bradley Street.
“The street was never developed so people don’t really know that it exists,” said Paul.
Paul, whose Pomo Development recently completed the sold-out Sweetbriar Village in the neighborhood, expects to begin construction on the privately funded road and the new single-family homes after receiving approval this week from the Pittsburgh Planning Commission.
He estimated the development will cost around $9 million to develop, with the new single-family homes expected to be priced starting at $425,000.
The project is slated for a 4.7-acre parcel on the back end of Mount Washington that is at the highest point in the hilltop neighborhood and abuts a 25-acre nature preserve owned by the Allegheny Land Trust. Paul said the property includes a Civil War-era redoubt, the remains of a fortification, that Paul expects to include in a park. The two-phase project is also expected to include trails through the nature preserve.

Tim Schooley covers retail, real estate, construction, hospitality, arts and entertainment, and government. Contact him at tschooley@bizjournals.com or 412-208-3826.

Condo developer buys Finnegan’s bar on Miami River

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A company led by New York developer Meyer Chetrit acquired the Finnegan’s bar property on the Miami River for $11.5 million and plans to build a condo there.
Ocean Drive Clevelander, led by Anthony Karpawich, sold the 39,495-square-foot property at 401 S.W. Third Ave. to CG Miami River, led by Chertrit. The 10,871-square-foot bar includes a pool along the river, but perhaps not for much longer.
According to a Miami Today story in May, Chetrit Group submitted plans to the Miami River Commission for four 60-story condo towers with a total of 1,449 units, plus a marina and hotel.
RELATED CONTENT: Developer pays $33M for Miami River site, 1,426 units planned
In June, CG Miami River paid $4.6 million to Bachelor Foods for a 14,866-square-foot site at 621 S.W. Third Ave.
Given the distance between the Bachelor Foods property and the bar site along the river, it looks like Chetrit has a handful of acquisitions to close before he assembles this site.

Brian Bandell covers banking, finance, health care and education. Get the latest banking industry news here.

Townhomes for Sale at The Courtyard at Masonboro

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by Desiree Whalen.
Curious to sneak a peek at those new townhomes for sale on Jasper Pl behind Halligan’s and Siena Trattoria in The Courtyard at Masonboro? Me too! I’ve just added a new page to my site where you can see all the listings online right now – including photos and price information. Follow this link to have a look:
Townhomes for Sale at The Courtyard at Masonborohttp://www.desireewhalen.com/thecourtyardatmasonboro.php
These new construction townhomes are all 3 bedroom units in the desirable Parsley Elementary/Roland-Grise Middle/Hoggard High School district, just down the road from the Wilmington Municipal Golf Course, 10 minutes from the beach, and all currently listed under $240k.
Interested in seeing any of the units for yourself? Give me a call or send me an email and let’s schedule an appointment to go look at them! Already own a home here in the Masonboro area and thinking about selling? Contact me today about listing your property – I’m here to help!
-Desiree

Bid farewell to Capitol Riverfront’s St. Matthew’s Baptist, Crossfit Petworth coming soon

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OP Council creates TIF district for $40M mixed-use project

The Overland Park City Council voted 11-0 Monday to create a redevelopment district for a $40 million mixed-use project at the southeast corner of 80th Street and Metcalf Avenue.
The vote was a step toward granting tax increment financing for the project, which calls for 230 luxury apartments over 10,000 square feet of office space and 6,000 to 8,000 square feet of retail space.
Tentatively called Crossroads 80, the project is being developed by Steve Coon, Terry O’Leary and Mike McKeen of ePartment Communities. The firm is known for its similar, highly successful Mission Farms projects in Leawood and Overland Park and other area apartment developments.
According to O’Leary, the Crossroads 80 project includes $11 million in expenses that qualify for reimbursement through tax increment financing, which allows additional taxes generated by a project to be used to cover development costs. But according to the developers’ TIF application, they will seek only $7.6 million, which would be captured over a 20-year period.
RELATED: Apartment developers have mixed-use plans for Overland Park tract
The next step in the city approval process will be a public hearing to consider the TIF project proposed for the redevelopment district created Monday. Besides the apartment and multifamily construction, the project includes a parking structure, acquisition of the 3.8-acre site, demolition of a former O’Neill Honda building and closed Sonic Drive-in on the property, site preparation and infrastructure improvements.
During a public hearing prior to Monday’s vote to advance the TIF project, no one from the public spoke, but brief presentations were made by O’Leary and Kristy Stallings, Overland Park deputy city manager.

Rob reports on real estate and development.

Rochester construction jumps 35 percent from 2013

Building activity in Rochester is hot, with construction spending for the first half of 2014 up by more than 35 percent from a year ago. And the bulk of building for Mayo Clinic’s big expansion hasn’t even heated up yet.
The Post-Bulletin has a quick take on the numbers: $169.5 million spent in construction, versus $125.3 million in the first six months of 2013. This year’s activity is greater than five of the last six years (2012 was the outlier).
RELATED: $6B Mayo Clinic project sparks land rush
The construction is pretty broad-based. The only sector to show a slowdown was for single-familiy homes, which will likely exacerbate what was already an issue in the city: Minnesota Public Radio reported in the spring that the surge in construction had led to a shortage of contractors.

Mark Reilly manages daily and weekly coverage at the Business Journal newsroom.

Sacramento region leads nation in apartment occupancy increase

Jul 7, 2014, 7:15am PDT Updated: Jul 7, 2014, 7:34am PDT

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Todd Quam | Digital Sky Aerial Imaging
The hunt for housing in Sacramento’s core has more multifamily property owners mulling renovations, such as those recently completed for the The Elan at H & 25th streets.

Apartment occupancy in the Sacramento region is on the rise – so much so that it leads the nation, by one company’s estimate.
During the second quarter of 2014, occupancy rose to 96.1 percent, a 16-point improvement over the same quarter a year earlier. It was the greatest increase nationally seen by Axiometrics, an apartment data research firm.
There’s no obvious reason for the improvement, said Jay Denton, Axiometrics’ vice president of research. Job growth, and supply of new units, is virtually the same now as it was in 2013 and 2012.
Rather, those metrics continuing to improve over the last two years has led to a tipping point where available apartments and similar rental spaces are shrinking fast, he said. Rates of 96 percent or above in California is considered a sign of virtual full occupancy, Denton said.
Not surprisingly, rents are rising as well. The second quarter saw a year-over-year increase of 6.5 percent, fifth strongest nationally among the 50 biggest metropolitan regions.
“It just means owners can maximize revenues, and you’ll see those owners raising rates,” he said.
The next year might be the same, or even more so. While job growth is expected to continue to grow in the region, even a developer starting to build a new apartment project right now wouldn’t be able to introduce it to the market for at least another year or 18 months, Denton said.
“Rent growth that’s expected on this pace is 5 to 6 percent, and it could be even stronger,” he said. “Simply because there’s not much new in the way of supply anytime soon.”
Within the region, Citrus Heights saw the greatest year-over-year gain in rents, 14.4 percent, going from a median of $869 a month to $995. Downtown Sacramento, which includes the popular midtown neighborhood, saw an 11.3 percent gain in occupancy to 92.3 percent, while the Arden Way corridor, at 96.8 percent, has the highest overall occupancy rate among submarkets.
The hunt for housing in Sacramento’s core has more multifamily property owners mulling renovations, such as those recently completed for the The Elan at H & 25th streets.

Ben van der Meer covers real estate, development, local and regional planning, construction, transportation, agriculture and water for the Sacramento Business Journal.

Here’s a breakdown of last month’s 207 high-end real-estate deals (and the 1,741 smaller deals, too)

Jul 7, 2014, 10:07am EDT Updated: Jul 7, 2014, 10:25am EDT

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A total of 207 high-end real-estate transactions were recorded in Erie County last month, according to listings that were released this morning.
High-end deals are defined as any transaction for $250,000 or more. They broke down this way in June:

12 deals worth $1 million or more
25 transactions valued between $500,000 and $999,999
170 deals in the range from $250,000 to $499,999

Complete listings from the Erie County Clerk’s Office can be accessed in the database below. They include all 1,948 real-estate transactions recorded last month. (Records are posted as they were provided by the Clerk’s Office, with surnames preceding first names.)
Use the tab to isolate any of the county’s 28 cities or towns, or simply hit Search to see the entire database at once.
You can re-sort the list by clicking any column header. A second click will reverse the sort.
Here are the number of high-end deals recorded in each community in June: Amherst (49), Buffalo (31), Clarence (25), Orchard Park (18), Lancaster (17), Hamburg (16), West Seneca (13), Grand Island (7), Aurora (6), Town of Tonawanda (6), Cheektowaga (3), Boston (2), Colden (2), Concord (2), Elma (2), Holland (2), Marilla (2), Newstead (2), Evans (1) and Lackawanna (1).

G. Scott Thomas is Buffalo Business First’s projects editor

Mortgage rates lower than a year ago

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Matthew Staver | Bloomberg
Freddie Mac (OTC: FMCC) says a 30-year fixed-rate mortgage fell to 4.12 percent in the week ending July 3. A year ago, 30-year rates averaged 4.29 percent.

Borrowers may never see mortgage rates as low as they were at the end of 2012, but rates remain cheap.
In fact, long-term rates are lower than they were a year ago.
Freddie Mac (OTC: FMCC) says a 30-year fixed-rate mortgage fell to 4.12 percent in the week ending July 3. A year ago, 30-year rates averaged 4.29 percent.
A 15-year fixed-rate mortgage averaged 3.22 percent this week, down from 3.39 percent last week.
The average rate on a one-year adjustable-rate mortgage is now 2.38 percent, down from 2.40 percent last week.
Steady rates may be helping a housing market that is weaker than it was last spring.
Pending sales of existing homes rose 6.1 percent in May, according to the National Association of Realtors. Private residential construction spending is up 7.5 percent from a year ago.

Jeff Clabaugh covers general assignment and provides business coverage for WTOP.

Millennials missing from housing market? Not for one Waukesha realtor’s office

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Feverpitched
One area real estate executive says that the idea that millennials are squatting in the apartment market just doesn’t ring true for his agents, who are seeing a strong 2014 sales volume so far.

Most area brokers are seeing only light participation by millennials in the homebuying market, but that under-35 crowd is making 2014 a strong year for sales at the Waukesha First Weber Group office.
(See the story on how millennials are affecting bankers and real estate companies in the July 4 edition of the Milwaukee Business Journal.)
Through the first four months of the year, sales are up 30 percent over the previous year for the First Weber office, said general sales manager Bob Larson. Larson, 2014 chairman of the Greater Milwaukee Association of Realtors, said the idea that millennials are squatting in the apartment market just doesn’t ring true for his 30 agents.
“I’ve read that and I’ve heard it a lot but I think that’s a lot more metropolitan perspective,” Larson said. “The average sale price of this office, year-to-date, is $187,000. That is that millennial homebuyer. It’s certainly not a second-time buyer.”
The First Weber office focuses on the Waukesha County market, where buyers generally are in a higher price range. Larson said the year is shaping up to be “a lot more fun.”
“It could just be that they are tired of waiting,” he said of the millennials walking through his door.

Reporter Sean Ryan covers commercial and residential real estate for the Milwaukee Business Journal and through the Real Estate Roundup blog on the website. He also covers construction, highways and public transit.

Corporate campus move: U.S. Tennis Association complex

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HKS Architects Inc.
The new $60 million U.S. Tennis Association’s regional training complex will span 63 acres and include 106 tennis courts for professional and recreational use.

Description: U.S. Tennis Association will build a $60 million, 63-acre training complex in Lake Nona. The complex will include 270,000 square feet of space with 106 tennis courts and 586 parking spaces. It will house the association’s player development division, relocating from Boca Raton, and recreational tennis division, moving from the association’s headquarters in White Plains, N.Y.
Timing: It will open in fourth-quarter 2016.
Why it’s significant: It will create up to 200 jobs and become the largest tennis training center in the U.S. It may kickstart a sports performance cluster in Lake Nona, possibly attracting sports research facilities and …

Covers real estate, retail, restaurants and rail

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Man on fire: One Orlando CBRE broker closed 28 deals and has 28 more in the works — jealous?

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Jim Carchidi
Shelton Granade, executive vice president of capital markets and the multihousing group at CBRE Inc. Orlando

Shelton Granade, 40, is a hot shot at CBRE Inc. Orlando.
The multifamily market — Granade’s specialty — is heating up for commercial real estate, so he’s been closing deals worth millions of dollars left and right in the past year.
Here, Granade talks about his biggest deals, why he loves the sector and how losing even one deal is tough:
Real estate deals landed in the past year? 28 for a value of $850 million
How many are you working on now? Twenty-eight deals in the works for a value of a little over $1 billion worth of real …

Richardson is a general assignment reporter for online and print.

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Snapshot: Report says cost to live American dream ($133K) + Five things rich people know (VIDEO)

Jul 4, 2014, 8:01am EDT Updated: Jul 4, 2014, 8:54am EDT

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Ingram Publishing
Cost to live American dream for family of four is $133,000, according to a new study.

Carla Caldwell, Morning Edition Editor

Weather
* A mix of sun and clouds are forecast for Atlanta on July 4. High: 84. Low: 64.Click here for more weather information from Atlanta Business Chronicle broadcast partner WXIA-TV.
Today’s Talkers
*An analysis by USA Today shows that living the American dream would cost the average family of four about $130,000 a year. Only 16 million U.S. households – one in eight – earned that much in 2013, according to the U.S. Census Bureau. Click here to read more.
*Dow tops 17000 for first time. Click here to read more from The Wall Street Journal.
*Five things rich people know. Click here to view a video posted by The Wall Street Journal. Tips include: Stay away from the mall. Live like you are poor.
*California town becomes flash point for immigration. Click here to read more.
*The plasma TV is just about dead due to changing market demands. Samsung said Thursday it is stopping production of plasma TVs. Click here to read more.
Sports
Braves
*The Braves did not play on Thursday.
*The Braves play the Diamondbacks on Friday at Turner Field. Game time is 7:35p.m.
Click here to view the team’s schedule.
Next Game
Soccer
Atlanta
*Silverbacks go for third straight win over MLS team in quarterfinal action. Click here to read more.
World Cup
*Brazil coach calls therapist for stressed team. Click here to read more.

Pabst office nears completion, while apartment construction just beginning: Slideshow

Jul 4, 2014, 7:00am CDT Updated: Jul 4, 2014, 7:57am CDT

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Scott Paulus
Work began on the Frederick Lofts property in early June.

Two developers that have done many of the projects in The Brewery in Milwaukee are working on separate projects simultaneously, as one prepares to finish an office building later this month and another starts work on new apartments.
See the attached slideshow for pictures of both developments.
The duo is Blue Ribbon Management LLC and Gorman & Co. Inc. They have worked on several projects in the former Pabst Brewing Co. campus near downtown Milwaukee. The lead developer of the overall campus is Zilber Ltd., Milwaukee.
Blue Ribbon and Gorman partnered on the 90-room Brewhouse Inn & Suites, which opened last year. They now are working on either side of that building.
To the west, Blue Ribbon Management LLC is building its five-story office building at West Juneau Avenue and North 11th Street. General Contractor Riley Construction Co. Inc., Kenosha, will complete the building by month’s end, said project manager Erik Dillon.
To the east, at West Juneau Avenue and North Ninth Street, Gorman & Co. is in the early stages of its Frederick Lofts apartment development. That project will have 90 market-rate apartments.

Reporter Sean Ryan covers commercial and residential real estate for the Milwaukee Business Journal and through the Real Estate Roundup blog on the website. He also covers construction, highways and public transit.

Titan’s Spencer: Initiatives needed for ABQ economy

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Randy Siner | Albuquerque Business First
Ben F. Spencer of Titan Development Co. says politics needs to change to spur economic growth.

Count Ben F. Spencer in the group of commercial real estate executives that are concerned about jobs and the economy. Spencer has made the rounds in the CRE world, landing at Titan Development Co., where he’s been the CEO since 1999. Spencer has spent a fair amount of time in Texas too — he got an MBA at Southern Methodist University — but he is a Roswell-born, third-generation New Mexican who attended New Mexico State University, eventually landing in Albuquerque in 1986.
Spencer has overseen the construction of more than 3,000 residential lofts, mostly in the Albuquerque area, after founding …

505.348.8315 | damonscott@bizjournals.comCommercial/residential real estate, retail, restaurants

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Removing the technical education stigma

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Donna Abbott-Vlahos | Albany Business Review
Panelists from left, David Davis of Simmons Machine Tool Corp.; Oliver Robinson of Shenendehowa schools; Laura Schweitzer of Union Graduate College; and Terry Swett, a director at Capital Region BOCES.

Oliver Robinson says a high school’s success is too narrowly defined by the number of students it sends to four-year colleges. Students, too, are only seen as successful if they graduate and go on to four-year schools.
Robinson, superintendent of the Shenendehowa schools in Clifton Park, was speaking in favor of more robust career and technical education at a recent Albany Business Review panel discussion. The panel was part of our Power Breakfast series.
Robinson put forth a challenge for business leaders: Do more to support career and technical education in high school by reaching out to the state’s education …

Megan reports breaking news and covers education.

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The Gibson corridor disconnect

The stretch of Gibson Boulevard near the Sunport and I-25 has been booming in recent years with a variety of commercial development.
Broadstone Towne Center is an anchor there, one that spurred restaurants and retail, including a Dion’s Pizza and Buffalo Wild Wings. The massive multifamily project is one of many successful collaborations across the city between Titan Development and Phoenix’s Alliance Residential.
Nearby is The Cottages of New Mexico, a huge project that is in the home stretch of development and is eyeing an August opening.
The Cottages are a massive 35-acre student housing development that consists of 786 …

505.348.8315 | damonscott@bizjournals.comCommercial/residential real estate, retail, restaurants

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City’s script for Fort Mac still being written

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Ariel view of Fort McPherson property.

Filmmaker Tyler Perry’s plans to turn most of Fort McPherson into a movie studio would rewrite the script for the idyllic 488-acre property located halfway between downtown Atlanta and Hartsfield-Jackson Atlanta International Airport.
Atlanta Mayor Kasim Reed and Perry have become leading players in a seven-year play to transform and redevelop Fort McPherson following the closing of the Army base, a presence in the area since 1885.
Previous master plans to redevelop the property have called for more than 100 acres of the beautifully landscaped golf course to be converted into a city park, to have more than 4,000 residential …

Maria Saporta covers non-profits and philanthropy
Amy Wenk covers hospitality, retail and restaurants.

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North Carolina firm joins multifamily spree, lands Stoughton site for $54M

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Fueled by strong rents and a limited inventory of homes for sale, the Bay State apartment market’s exceptional run is fostering a frothy dealmaking environment among investors seek a bite of the apple.

This summer is shaping up as the year of the mega-multifamily transaction in Massachusetts.
Fueled by strong rents and a limited inventory of homes for sale, the Bay State apartment market’s exceptional run is fostering a frothy dealmaking environment among investors seek a bite of the apple. Earlier this week the Boston Business Journal reported that DSF Group of Waltham had set a new pricing record in Essex County with a $108.5 million purchase of a former state mental hospital that was converted to 433 apartment units in 2006. Now we’ve learned of another big deal that closed this week in Stoughton.
On July 2, Bell Partners Inc. of Greensboro, N.C., paid $54.1 million for a 240-unit gated apartment community known as the Lodge at Stoughton. The seller was The Hanover Co. out of Houston, Texas, which last paid $8 million for the 400 Technology Center Drive property in 2008.

The Hanover last refinanced the property in December with a $40 million mortgage.
In addition to the Stoughton property, Bell’s Massachusetts portfolio includes the Bell Wheeler Hill apartment development in Marlborough.
This week’s deal equated to around $225,000 per unit, not far from the $250,000 per unit paid by DSF in Danvers. The Stoughton property was 95 percent occupied as of the deal’s closing date, versus 96 percent at the Danvers site.
According to Reis Inc., a provider of commercial real estate research, the U.S. apartment market had a 96 percent occupancy rate as of June 30, with many metros seeing strong rental growth ranging from 3 percent to 6 percent on a year-over-year basis.

2,500-home Mather South project could begin construction late next year

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iStock
Mather South, a project that includes 2,500 homes and would be south of Rancho Cordova, is at the outset of an environmental impact report that could go before county supervisors in about a year.

One of four master-planned projects working their way through Sacramento County’s approval process is beginning the environmental review stage, and construction could be about 18 months away.
Mather South, a project that includes 2,500 homes and would be south of Rancho Cordova, is at the outset of an environmental report that could go before county supervisors in about a year.
Phil Rodriguez of Mather South LLC, a private partner with the county in the project, said if supervisors give the final approvals, work on the planned first phase of mixed-use housing near the northern end of the project could get underway by the end of 2015. “And the rest will just take time,” he said.
Though it’s one of four such projects the county’s reviewing, Mather South is unique because it’s within the urban policy area, a section of Sacramento County already identified as appropriate for future growth, said John Lundgren, a county senior environmental analyst and manager for planning on those master plans. The designation means its approval process is a bit more streamlined, he said.
“Just because it’s county land, though, doesn’t mean we’ll do it quickly,” Lundgren said.
Both Rodriguez and Lundgren said the plan will continue to include a college campus even though none has committed to participate. And several other projects in both Sacramento and Placer counties including something similar in their plans, beyond what the region would probably need.
Rodriguez said late last year, Mather South LLC sent out about 600 “expressions of interest” to potential college partners, though the effort hasn’t borne fruit yet.

Ben van der Meer covers real estate, development, local and regional planning, construction, transportation, agriculture and water for the Sacramento Business Journal.

Sutter Pointe home project meets key goal by lining up water service

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John Foxx
Sutter Pointe, a master-planned development in south Sutter County, is slowing checking all the boxes it must complete before getting underway. The latest step: identifying a source of water.

Sutter Pointe, a master-planned development in south Sutter County that has been on the books for two decades, is slowing checking all the boxes it must complete before getting underway. The latest step: identifying a source of water.
Golden State Water Co. announced this week a California Public Utilities Commission ruling in favor of allowing the company to provide service to Sutter Pointe. The company also said it has settled a suit involving Sutter Pointe’s developers, the county and some county residents.
Commission approval will allow Golden State to create a water service district for Sutter Pointe, which would be on 7,500 acres around where Highway 99 meets Riego Road. The district could serve retail, industrial and about 17,000 residential customers, according to Golden State. About 2,900 acres of the project are slated for new homes.
A condition of the settlement is that Golden State, a subsidiary of American States Water Company, will apply to the Commission to also take over water services for Robbins, an unincorporated Sutter County community with repeated water system issues.
Water service was one of the critical infrastructure pieces Sutter Pointe’s developer, Winn Communities, needed to line up before any development could begin. Sutter County approved the project five years ago.
Two other steps, construction of a full interchange at Riego and 99 and lifting a building moratorium in Natomas, are in progress now. Sutter Pointe’s developers have said another critical factor would be market demand for new housing around Sacramento, though Sutter Pointe is also planned to include industrial and commercial job centers.

Ben van der Meer covers real estate, development, local and regional planning, construction, transportation, agriculture and water for the Sacramento Business Journal.

Laviolette sells Raleigh home, while other former Hurricanes keep local real estate

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John West – Staff Photojournalist
Former Carolina Hurricanes head coach Peter Laviolette has sold his house at 3400 Spartina Court in Raleigh, according to county records.

Former Carolina Hurricanes head coach Peter Laviolette, who took the team to its first (and so far only) Stanley Cup win in 2006, has sold the house he’d built in 2004 in south Raleigh near Lake Wheeler.
It’s also been five years since Laviolette was fired from the Hurricanes and picked up by the Philadelphia Flyers. He’s now the head coach of the Nashville Predators.
But when a professional hockey player or coach gets traded or fired, they don’t usually get much advance notice. They and their families are often uprooted overnight, headed to the next assignment with the next team.
That doesn’t leave them much time to contend with the issues that go along with marketing or selling the house in the town they are leaving. A slow housing market between 2008 and 2012 didn’t help, either.
From the Carolina Hurricanes, at least six former star players, coaches and top staff members who have moved on to new jobs in other towns still own homes in Raleigh.
Former star winger Justin Williams still owns a house on Chelsea Drive in south Raleigh. Williams was traded to the Los Angeles Kings in 2009, and he was the Conn Smythe trophy winner for most valuable player during the Kings’ 2014 Stanley Cup championship series win.
Linda Craft, owner of Linda Craft & Team Realtors in Raleigh, had tried to help Williams sell the Raleigh home, valued at around $670,000, in 2011 but eventually took it back off the market. The house is currently rented, she says.
“In a good market they can sell in 12 to 24 months and break even,” she says. “The problem is the market fell from 2008 to 2012. Every year, prices dropped. It is hard for any house to recover when the market cycles down that long.”

Amanda Jones Hoyle covers commercial and residential real estate. Follow her on Twitter @TBJrealestate

Atlanta construction supplier expands to Birmingham

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Zillow
Atlanta’s Construction Resources Inc. has opened a Birmingham location.

Construction Resources Inc., an Atlanta-based construction supply company has opened an Alabama location.
CR Home of Alabama Inc. occupies 32,000 square feet at 201 West Oxmoor Road after a June opening.
Jack Brown of Graham & Co. negotiated the lease.
Mitch Hires, co-owner with his brother Sonny Hires and business partner Bob Schoen said the company is equipped to supply both residential and commercial contractors in products that range from countertops to tile.
“We’re excited,” Hires said in an interview. “We feel like Birmingham is a good opportunity to continue to grow our business.”
Hires said he had previous experience in the Birmingham area which allowed him to get to know a number of area contractors.
Lisa Chapman, who has 25 years of experience in the design construction business, will lead the Birmingham team.
The production space will take up around 16,000 square feet, while the design center and indoor slab gallery will occupy the remaining square footage.
Construction Resources has four Atlanta facilities, as well as partners in Florida. The company recently launched two satellite operations in South Carolina.
The Atlanta locations occupy around 250,000 square feet on 16 acres of property.
Construction Resources features signature products Cambria, Vetrazzo, Pledrafina and Mohawk, among many others.

Bryan Davis covers real estate, retail and manufacturing for the Birmingham Business Journal. Click here to follow him on Twitter.

Cullum Homes buys Paradise Valley subdivision for $23M

Jul 2, 2014, 5:44am MST Updated: Jul 2, 2014, 7:18am MST

Staff Phoenix Business Journal

MTS Builders LLC, a unit of Scottsdale-based Cullum Homes, recently closed on the Mountain Shadow Estates subdivision in Paradise Valley for $23 million, according to the Rose Law Group Reporter.
The residential development is in the block southeast of Lincoln Drive and 56th Street.
As part of the purchase, Cullum entered an agreement with the seller to allow future residents of Mountain Shadows Resort Estates club privileges for the western redevelopment portion of the Mountain Shadows Golf Resort.
Read more here.

Home sale prices creep up in Milwaukee area, but lag national increase

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Kings Way
The U.S. has seen 27 consecutive months of increasing home sales.

Milwaukee-area home prices edged up 0.8 percent in May over the previous year, lagging increases at both the state and national level, according to CoreLogic.
Wisconsin’s overall prices were up 2.3 percent in May compared with the same month of 2013, including distressed sales. For the Milwaukee area, excluding those distressed sales, prices are up 1.8 percent in May 2014 compared with the previous year.
Nationwide, prices were up 8.8 percent in May, including distressed sales.

Reporter Sean Ryan covers commercial and residential real estate for the Milwaukee Business Journal and through the Real Estate Roundup blog on the website. He also covers construction, highways and public transit.

Stock Building Supply opens second Charlotte-area store in Troutman

Jul 1, 2014, 10:33am EDT Updated: Jul 1, 2014, 10:39am EDT

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Stock Building Supply Holdings Inc. of Raleigh has opened a new store in Troutman to serve the Charlotte region.

Stock Building Supply Holdings Inc. (NASDAQ:STCK) of Raleigh has opened a store in Troutman to serve the Charlotte region.
It’s the second Stock Building Supply store in the Charlotte area. The other one is in Rock Hill.
The company considers the new store part of its “organic expansion” in the region, says Jeff Rea, president and CEO of Stock Building Supply.
“Charlotte represents an attractive and growing housing market and this added location demonstrates our commitment to providing the resources, knowledge, products and solutions homebuilders and remodeling contractors rely on to grow their businesses efficiently,” he says in a news release about the Troutman store.
The store is on Flower House Loop, on the west side of Interstate 77.
Dwayne Farrell is the company’s general manager for the Charlotte market.
The company sells primarily to contractors with lumber and other building materials. Other products include windows, flooring, trusses, wall panels and exterior building products.
Stock Building Supply has 69 stores in 21 metro areas in 14 states.

Ken Elkins covers manufacturing, international business and economic development for the Charlotte Business Journal.

Sold: $31.5 million for Doylestown apartment community

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​Zencorr Properties bought Center Square Towers, an apartment community in Doylestown, Pa., for $31.5 million.

Zencorr Properties bought Center Square Towers, an apartment community in Doylestown, Pa., for $31.5 million.
The 350-unit, two-building complex at 555 N. Broad St. was sold by AIMCO. SSH Real Estate represented the buyer in this off-market transaction. The complex was constructed in 1975 and 97 percent occupied at the time of sale.
This is the largest acquisition for Zencorr, which was formed by Piero Corrado, Christopher Zentgraf and Sandro Corrado in 2007 and based in Doylestown. The real estate firm plans to make improvements to the units and common areas.

Natalie Kostelni covers real estate and economic development.

Homebuilder takes different approach in Folsom

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sculpies
At least half the homes in a Folsom master-planned project will have garages in back and front doors facing a path rather than a street. First houses are expected to be for sale early next year.

Another builder is bringing a housing project to Folsom with a slightly different feel, on prominent lots formerly owned by Lewis Group of Companies.
Within the next few weeks, Woodside Homes will begin work on the 147-lot Island at Parkshore project on Parkshore Drive, said Brian Cutting, Woodside’s director of land acquisition.
“We like the 50 corridor, and we’ve been trying to target opportunities there,” Cutting said, adding Woodside bought the lots from Lewis. “Given the job growth, Folsom is a desirable place to build, but there are very few places to build there right now.”
The homes in Island at Parkshore, which should be available for sale early next year, will have front doors along a pedestrian pathway and garages in back — features not commonly found in most single-family subdivisions. Cutting said the overall effect is a more friendly neighborhood, because neighbors face each other rather than garages.
Houses within the project will have six different floor plans and range in size from 1,600 to 2,300 square feet. Many of the floor plans fit with a trend builders have identified in modern buyers: Strong affinity for indoor-outdoor living to connect the backyard to the kitchen, dining room or great room.
“It’s a great space, not just a door to the backyard,” Cutting said.
A community pool, park and picnic areas are also planned for the project, which is phase I of the Island at Parkshore master plan. Lewis Group of Companies retains the rights to build the second phase, another 168 homes, on property it still owns to the north of Woodside’s project.

Ben van der Meer covers real estate, development, local and regional planning, construction, transportation, agriculture and water for the Sacramento Business Journal.

South Oak Park apartments, riddled with damage, razed by city

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Dennis McCoy | Sacramento Business Journal
A decaying apartment building in south Oak Park is being torn down after the owner finally agreed to pay for demolition costs and other penalties and fines levied by the city of Sacramento.

A rundown apartment building in south Oak Park is no more, to the relief of neighbors and city officials.
Demolition on the 11,000-square-feet apartments, at 5218 Martin Luther King Jr. Boulevard, began Friday morning and by mid-afternoon, clean-up had already begun for the debris. City officials said full clean-up would be complete within another day.
Built in the 1960s, the apartments were condemned by city inspectors two years ago and really went downhill since, becoming a haven for vagrants and illegal activity and riddled with vandalism and worse damage.
Compelled by a court ruling against her after a lawsuit from a city program, Justice for Neighborhoods, building owner Maliheh Pakzat finally agreed to pay demolition costs and associated fees and penalties, totalling more than $125,000.
As of yet, there’s no plan for the empty lot that’s left behind, 23,000 square feet backing up to an elementary school.
Sacramento city officials have expressed hope Pakzat would work to bring a project to the site that would both enhance, rather than take away from, the neighborhood and take advantage of a location near busy thoroughfares and a freeway.

Ben van der Meer covers real estate, development, local and regional planning, construction, transportation, agriculture and water for the Sacramento Business Journal.

Related’s Santa Clara megaproject: New details on costs, delays, city lease deal

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Via city of Santa Clara
This map shows the Montana/Lowe project and the first phase of Related California’s City Center project, dubbed Parcel 4, near the new Levi’s Stadium. The other three parcels would be built out later.

The city of Santa Clara could eventually reap more than $22 million a year from a massive mixed-use complex on what is now a city-owned landfill and BMX track a short hop from almost-complete Levi’s Stadium. But developer Related California first needs more time to work through complicated pre-development issues.
The Santa Clara City Council on Tuesday will consider extending its negotiating agreement with Related until at least March of 2016, as Related and city staff work on the engineering, environmental and design of what is perhaps the most ambitious project in Silicon Valley outside of Apple’s spaceship.
The current negotiating agreement, entered into in April 2013, would have expired this October. The city is also adding detail to a “term sheet,” approved in February, that lays out the basics of the financial deal.
Together, the updated agreements provide the most significant public glimpse yet at the costs, benefits and challenges of the project, dubbed City Place, which could add up to 7.9 million square feet of retail, office, hotel and residential space to the 230-acre site.
“This is a major step in the future of Santa Clara,” Mayor Jamie Matthews said in a news release issued by Related on Friday.
The project is the larger of two high-profile developments proposed for public land adjacent to the stadium, which will be home to the San Francisco 49ers when it opens for business later this year. The other is a joint venture of Lowe Enterprises, Wittek Development and Montana Property Group, the development arm of 49ers’ great Joe Montana. That project is more compact than Related’s, at about 8 acres.
Price tagNeither come cheap. A city staff report issued late Friday pegs the total development value of Related’s project at a staggering $6.5 billion — about five times the cost of Levi’s. The high price is partly due to the extra costs associated with building on a landfill. The staff report pegs the “landfill premium” alone — an amount that includes building a huge podium structure, installing gas-monitoring equipment and other site work — at $432 million. Total infrastructure costs are estimated in excess of $800 million, according to the staff report.

Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.

VA may give developers a chance to renovate Soldiers Home’s iconic buildings for vet housing

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Lee Matz
The Old Main building, completed in 1869, has been used only for storage for several years.

The federal government may give private developers the chance to renovate historic buildings in the Milwaukee Soldiers Home property for affordable housing or support services for homeless veterans.
It is a new approach for the U.S. Department of Veterans Affairs, which owns the campus of post-Civil War-era buildings at the Clement J. Zablocki VA Medical Center. The department has been renovating the buildings and using them for its operations. But the call to developers issued June 23 would let them lease all or any of nine historic structures for up to 75 years and restore them as housing or other support for vets who are homeless or are at risk of becoming homeless.
Buildings that could be affected include the iconic Old Main building, which is in deteriorating condition, the 1889 chapel, and several smaller buildings on the campus.
Developers have until July 21 to respond to the VA to say whether they would be interested in pursuing an opportunity. The VA would ask them to include general concepts for building restorations and redevelopments. Depending on the responses, the VA may issue a formal request for development proposals in the future that could result in lease agreements and projects moving forward.

Reporter Sean Ryan covers commercial and residential real estate for the Milwaukee Business Journal and through the Real Estate Roundup blog on the website. He also covers construction, highways and public transit.

Veranda on Highland will be rebranded as Galley & Garden

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Chef Jimmy Boyce.

Huntsville chef James Boyce announced in April that he and his wife Susan were taking over operations at Veranda on Highland and were going to rebrand the popular restaurant.
The restaurant, located at 2220 Highland Ave., will now be called Galley & Garden.
According to a report from AL.com, Boyce has combined the kitchen with a newly landscaped outdoors venue for guests who wish to dine outside, and construction on the project is underway.
Jeff Dungan of Dungan Nequette Architects will handle the structural part of the design and June Mays of June Mays Garden Design will handle the landscape architecture.
The restaurant will not close until the heaviest portion of the construction phase hits, the report said, with the finishing pieces and opening occurring in September.
Galley & Garden will be operate during lunch and dinner hours throughout the business week and Saturday, and it will open for a Sunday brunch.

Bryan Davis covers real estate, retail and manufacturing for the Birmingham Business Journal. Click here to follow him on Twitter.

What’s happening with your commute this week?

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A series of overnight closures are set to begin this weekend and last up to the holiday weekend as work continues on the Ohio River Bridges Project.

A series of overnight closures are set to begin this weekend and last up to the holiday weekend as work continues on the Ohio River Bridges Project.
Each week, the bridges project releases a schedule of upcoming roadwork with closings and lane restrictions included in the report. As part of our ongoing coverage, Business First has selected some of the major closures and lane restrictions that might affect your commute.
As previously reported in Business First, a portion of Main Street in downtown Louisville will be closed this weekend and is set to reopen by 5 a.m. Monday, June 30.
Upcoming interstate ramp and lane closures include:
• The ramp from Story Avenue to Interstate 64 west is scheduled to close overnight, starting tonight, through Thursday, July 3, for pile driving. It’s expected to close around 9 p.m. and reopen by 5 a.m. each day.
• One lane of I-65 south from the Kennedy Bridge to Muhammad Ali Boulevard is scheduled to close overnight tonight through Thursday, July 3, for pile driving and electrical work.The lane is expected to close around 9 p.m. and reopen by 5 a.m. each day.
• One lane of I-65 north from Brook Street to the Kennedy Bridge is scheduled to close overnight starting tonight and continuing through Thursday, July 3, for pile driving. It’s expected to close around 9 p.m. and reopen by 5 a.m. each day.
• The ramp from I-64 east to I-65 north is scheduled to close overnight Wednesday, July 2, and Thursday, July 3, for demolition work. It’s expected to close around 9 p.m. and reopen by 5 a.m. both days.
• One lane of I-64 east from Ninth Street to the Kennedy Bridge is scheduled to close overnight Wednesday, July 2, and Thursday, July 3, for demolition work. It’s expected to close around 9 p.m. and reopen by 5 a.m. both days.

Braden Lammers covers these beats: Financial services, residential real estate, law, property and casualty insurance, construction, unions, engineers, architects and agriculture.

Open House This Weekend in Kure Beach at Ocean Dunes!

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by Desiree Whalen.
Hi everyone!
Headed out to the North Carolina Aquarium or Museum at Fort Fisher this Sunday? Then stop on by my Open House at my listing in the Ocean Dunes condominium community in Kure Beach! If you’ve been looking for a condo close to the beach in this area, this is a perfect opportunity for you to check out a great property this weekend!
Here’s the details:What: Open House!When: Sunday June 29th 1-4 PMWhere: 1100 S Fort Fisher Blvd Unit 2202B Kure Beach, NC 28449
A little more about the property…
Ocean Dunes unit 2202B is a fully furnished 3 bedroom, 2 bath condo in a newly renovated building and community where the HOA takes care of everything! Amenities include beach access, outdoor and indoor pool, fitness center, tennis, kids playground, basketball & shuffleboard. Click here for updated photos and pricing:
1100 S Fort Fisher Blvd 2202B Kure Beach, NC 28449http://homesforsale.desireewhalen.com/idx/17564/details.php?idxID=104&listingID=506639
Hope to see you there!
-Desiree

Demand for downtown living sparks preleases

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Novare Group
SkyHouse Houston is set to open next month and is already almost a quarter pre-leased.

If the recent wave of development is any indicator, downtown Houston is hot. Not only is downtown getting more multifamily projects to meet the demand, people are snapping up those apartments and condos before they officially open their doors.
One example, the new downtown SkyHouse Houston, is set to open next month and is already almost a quarter preleased.
The 24-story, 336-unit luxury high-rise apartment, located at 1625 Main, broke ground in spring 2013. It was the first project to be awarded the Downtown Living Initiative, and was developed by Atlanta-based Novare Group.
The Houston City Council approved an expansion of the Downtown Living Initiative on April 16, which doubles the number of residential units that can receive a tax break. The city originally passed the Downtown Living Initiative Chapter 380 Program in 2012 to woo developers with tax breaks of $15,000 per multifamily unit built in downtown Houston.
The cap has been expanded from 2,500 to 5,000 residential units, which means the total cost of the subsidies could reach $75 million.
Downtown Houston is set for a major transformation once new multifamily developments come on tap, industry watchers say.
There are currently four residential properties under construction downtown and another eight planned, according to Central Houston Inc. Experts predict the new construction will help transform the area into a place where Houstonians can live, work and play — a goal the area has long struggled to achieve.
Between 1994 and 2013, for every six jobs created, one apartment unit was absorbed, which is a trend expected to continue, reports the Houston office of CBRE Group Inc. The Greater Houston Partnership expects 69,800 new jobs to be created in 2014.

Jenny Aldridge covers real estate and construction for the Houston Business Journal.

Trinity Industries to acquire Meyer Steel Structures for $600M

Jun 27, 2014, 2:59pm CDT Updated: Jun 27, 2014, 3:32pm CDT

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orcea david
steel factory

Trinity Industries Inc. (NYSE: TRN) says it has entered into an agreement to acquire the assets of Meyer Steel Structures, the utility steel structures division of Thomas & Betts Corp., in a cash deal worth approximately $600 million. The transaction is expected to close during the third quarter.
Memphis-based Meyer provides tubular steel structures for electricity transmission and distribution. Meyer’s products include engineered poles, H-frames, light duty poles and substation structures. The company employs more than 1,100 people and has manufacturing facilities in Alabama, South Carolina, Texas, and Wisconsin.
On a stand-alone basis, Meyer is expected to record full-year 2014 revenues of approximately $325 million.
“We are excited about the opportunities associated with our agreement to purchase the assets of Meyer Steel Structures,” said Timothy Wallace, Trinity’s chairman, CEO, and president. “Meyer has an excellent reputation as a high quality manufacturer of utility steel structures. With the acquisition of Meyer, Trinity builds a leadership position in the electric transmission and distribution industry and confirms its long-term commitment to the utility steel structures business.”
Based in Dallas, Trinity Industries is a diversified industrial company that owns businesses which provide products and services to the energy, transportation, chemical, and construction sectors.
J.P. Morgan Securities LLC served as financial adviser and K&L Gates acted as legal counsel for Trinity.
Trinity said it expects the transaction will be accretive to full-year 2014 earnings.

Rob Robertson covers banking and finance, health care, law, insurance and economic development. Contact him at rrobertson@bizjournals.com.

Is your house or condo a ‘hot’ listing? Redfin picks top Austin homes for sale

Jun 27, 2014, 2:51pm CDT Updated: Jun 27, 2014, 3:04pm CDT

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Twist Tours
One of the “hot homes” on the market in Austin is 1104 Brentwood St., according to Seattle-based Redfin.

Redfin, the national real estate brokerage and research firm, has unveiled a feature that determines whether a house on the market is likely to sell quickly. And it has identified some of the hottest home listings on the market in Austin.
The “hot homes” designation identifies a listing that has an 80 percent chance or higher of having a contract signed within two weeks of its market debut.
According to Redfin, a listing at 1104 Brentwood St. in the Crestview neighborhood off North Lamar Boulevard is a red-hot listing. Click on the photo to see more about this single family detached house, which is listed for $350,000.
The bungalow was built in 1947 and has been upgraded. It has three bedrooms and one bathroom. The listing agent is Luisa Maura of Marathon Real Estate.
Redfin officials said the “hot homes” designation was created using a proprietary algorithm utilizing 500 factors, including price, property type, neighborhood, comparable sales and sales history. According to Redfin, there’s a 91 percent chance this house will sell in the next seven days.
Other Austin houses that Redfin recommended were 4802 Eilers Ave. and 4527 Avenue D, both in Hyde Park. The Eiler house has four bedrooms and two baths and is priced at $429,900. Mark Martin with Re/Max Austin Skyline is the listing agent. The Avenue D house has three bedrooms and two baths and is priced at $400,000. Mark Minchew with Re/Max Austin Associates is the listing agent.
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Sell or rent in this hot market?

Jan Buchholz covers commercial and residential real estate, construction and architecture and retail and restaurants for the Austin Business Journal.

The Villages named most popular active adult community for 2014

Jun 27, 2014, 10:12am EDT

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The Villages once again topped 55 Places’ list of the 100 most popular active adult communities in America.

The Villages once again topped 55 Places’ list of the 100 most popular active adult communities in America.
Communities on this prestigious list won their positions based on the number of visitors to each community’s page on 55Places.com over the past year.
Here’s what 55 Places had to say about The Villages:

Once again The Villages wins the distinction of being the most popular active adult community in America by a landslide with more than twice the number of website visits in 2014 compared to its closest competitor. As one of the largest age-restricted communities in the world with over 56,000 households, The Villages is a self-sustaining town dedicated to active adult living. Residents enjoy a lifestyle unlike any other with more amenities per capita than any other city or active adult community in the country. There are a staggering 48 recreation centers, 35 golf courses, 50 swimming pools and countless other amenities designed to encourage and support a physically fit and socially active lifestyle. Since opening in 1978, The Villages has evolved into a unique retirement destination complete with over 100 miles of golf cart legal streets, free golf for life, over 200 retail shops, over 60 restaurants, 10 worship centers and even a hospital. The Villages truly is a retirement destination unlike any other.
Five other Central Florida communities also made the list, including Solivita in Kissimmee (No. 13), Plantation at Leesburg (No. 36), Heritage Isle in Viera (No. 44), Royal Highlands in Leesburg (No. 72) and Legacy at Leesburg (No. 87).
To see the full list, click here.

Danville development challenged in court fight

Jun 27, 2014, 7:09am PDT Updated: Jun 27, 2014, 7:32am PDT

A proposed 69-unit housing development in Danville has been hit by a court challenge, with a judge leaning in favor of residents trying to stop the project, the Contra Costa Times reports.
A tentative ruling by Contra Costa County Superior Court Judge Steve Austin said the town improperly altered its general plan to allow the SummerHill Homes development without first gaining voter approval.
If the ruling is finalized, any residential development at the Magee Ranch site, where the project is planned, would require voter approval.

Mortgage rates fall for a second week in a row

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Karen Roach | Thinkstock

Long-term mortgage rates eased this week for a second week in a row. Freddie Mac says a 30-year fixed-rate mortgage averaged 4.14 percent in the week ending June 26, down from 4.17 percent the previous week.
One year ago, a 30-year fixed-rate mortgage averaged 4.46 percent.
A 15-year fix averaged 3.22 percent, down from 3.3 percent last week. A one-year adjustable-rate mortgage fell to 2.4 percent, from 2.41 percent.
The latest housing-market data showed activity picking up in May with existing home sales increasing 4.9 percent and new home sales surging 18.6 percent, reaching the highest level in six years.
A check of pending sales of existing homes in May is due next week and forecast to show a 1 percent advance. In April they rose 0.4 percent.

Tucker Echols covers general assignment and provides business coverage for WTOP.

Broker Open House Tonight! Have a Glass of Wine at the Beach!

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by Desiree Whalen.
Happy Friday everyone!
Hope you’re all ready for the weekend, I know I am. If you’re a Realtor here in the Wilmington area, let me help you kick off your weekend with a glass of wine ay my Broker Open House this afternoon at Sea Colony unit #16B in Carolina Beach! (I’ll have lemonade and finger foods as well…)
The property is a 1 bedroom, 1 bath ocean view condo in the ocean front community of Sea Colony and is priced to move. HOA dues are only $222/month, they’ve completely repainted the exterior, and put in Trex decking at the pool all with NO ASSESSMENTS – One of THE best HOAs around! Come check it out! Here’s the details:
What: Broker Open HouseWhere: 1311 S Lake Park Blvd Unit 16B in Carolina Beach, NC (Sea Colony)When: TODAY! Friday June 27th 4-6PMProperty Details:http://homesforsale.desireewhalen.com/idx/17564/details.php?idxID=104&listingID=501506
Come on out and see this great property – I’d really appreciate your feedback. Hope to see you there!
-Desiree

Zoning approved for 300 luxury homes near Lake Georgetown

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Hemera Technologies
Although the statistics are taken with grains of salt by some Realtors, website Zillow recently announced that the median home value in Georgetown is about $225,000 — up 5 percent from a year ago.

The Georgetown City Council has approved zoning for just under 300 new luxury homes near Lake Georgetown Tuesday night, reports the Austin American-Statesman.
The planned subdivision, also called Lake Georgetown, would consist of homes valued between $350,000 and $600,000, according to the paper.
Although the statistics are taken with grains of salt by some Realtors, website Zillow said this week that the median home value in Georgetown is about $225,000— up 5 percent from a year ago.
Georgetown’s population growth is No. 7 in the U.S. by percentage growth, according to the most recent Census figures.

Michael Theis is the Austin Business Journal’s digital editor.

Mortgage rates fall a second week in a row

Jun 26, 2014, 10:34am EDT

Long-term mortgage rates eased this week for a second week in a row.
Freddie Mac (OTC FMCC) says a 30-year fixed-rate mortgage averaged 4.14 percent in the week ending June 26, down from 4.17 percent the previous week. One year ago a 30-year fixed-rate mortgage averaged 4.46 percent.
A 15-year fix averaged 3.22 percent, down from 3.3 percent. A one-year adjustable-rate mortgage fell to 2.4 percent, from 2.41 percent last week.
The most recent housing market data showed activity picking up in May with existing home sales increasing 4.9 percent and new home sales surging 18.6 percent to the highest level in six years.
A check of pending sales of existing homes in May is due next week and forecast to show a 1 percent advance. In April they rose 0.4 percent.

Tucker Echols covers general assignment and provides business coverage for WTOP.

Shipping container apartments to Brookland, Jimmy John’s to Tenleytown

Jun 26, 2014, 10:28am EDT

Straight to the permits this sports-centric Thursday. Are you watching the D.C. United hearing? The U.S. vs Germany? The NBA draft? Tiger Woods at Congressional? What a day.

3305 Seventh St. NE: Demolition and foundation only for conversion of a single-family dwelling in Brookland to “four unit shipping container apartments.” The property is owned by Brookland Equity Group LLC. A separate building permit will be filed for the construction — or, perhaps more accurately, the stacking. Shipping container apartments have popped up in Connecticut, in Brooklyn and elsewhere.

1150 Michigan Ave. NE: Build out of a new, three-story, 100,000-square-foot expansion of Brookland Middle School with an intended capacity of 540 students and 60 full-time equivalent staff. The foundation work was previously permitted.

3217, 3219 12th St. NE and 1200 Jackson St. NE: Raze permits issued for a two-story church building, a garage, a one-story brick and concrete commercial building and a two-story apartment building. This is the future site of Jackson Place Flats, in Brookland.

4433 Wisconsin Ave. NW: Interior alteration for prepared food restaurant, Jimmy John’s, with a total occupancy of 30.

429 L’Enfant Plaza SW, Unit 340: Tenant layout for a new tenant, the 24-seat Naan & Beyond, and Indian fast food restaurant.

3419 14th ST. NW: Pan Lourdes Bakery & Coffee Shop in Columbia Heights will convert an existing patio to a summer garden with 15 seats.

2301 M St. NW: The layout of new Georgetown tenant SoulCycle will be changed “due to field conditions.” The laundry room will be removed, an ADA-compliant restroom will be installed, and the hot water heater relocated.

380 Eastern Ave. NE: Temporary firework stand, running June 29 through July 5.

306 Southern Ave. SE: Another firework stand.

Michael Neibauer covers economic development, chambers of commerce, transportation and politics.

3 million reasons why Portland’s bursting at the seams

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Ray Terrill | cc-licensed https://flic.kr/p/e9wNqu
Far more residents will be waving the Portland city flag come 2035.

In 20 years, the Portland region will be home to about one-third more residents than the area boasts today.
So reports the Metro regional government, which issued its most recent population forecast yesterday. That would put the number at as many as 3.1 million residents by 2035, according to the planning agency’s researchers.
Overall, the Portland area’s population is expected to rise by between 400,000 and 750,000 residents over the next 21 years.
The projects are based on forecasts from demographers and economists.
The region gained some 710,000 residents between 1990 and 2010.
Newcomers to the area will comprise about 60 percent of the growth.
Metro uses the estimates to craft the region’s urban growth boundary, which defines where development can take place around the Portland area.